Economy of Evancya
The Evancyan economy is the 2nd largest in the Kalooki Corner, with a value of 6.67 quadrillion square as of 2019, Mt. The largest economy is the Fickolean economy, with a value of 11.23 quadrillion square as of 2019, Mt. The Evancyan economy has emerged and grown rapidly in recent years, as it experienced double digit growth rates for the past 30 years since the passing of the Revelations Act. It's place as the 2nd largest in the KC has secured Evancya strong influence on the interstellar stage due to its large market for trade and immense wealth and potential for investment. It's recent economic boom has been credited by some to the Outward Liberal Coalition - which dominated politics following the passing of the Revelations Act - and its laissez-faire and free market economic policies. However, the critics of these policies have claimed that it was more because of growth of interstellar trade and investment rather than government policy, which instead ignored the growing inflation crisis. In response to these high levels of inflation, the Imperial Conservative government established after the Government Election of 550 has begun to refocus investment from Evancyan companies away from domestic markets and into other planets, such as the Inveritus Empire and Aberlen. Their economic plan, termed "Bust Avoidance" is designed to slow down the economy and prevent an economic crash as well as cutting inflation down to the governments target rate of 3%. Finally, the current Evancyan economy is facing major issues with declining profits in the surface mining sector leading to downsizing efforts among many companies, meaning less jobs. The mining sector has long been an incredibly important sector of the economy for many regions across Evancya, and so its downturn has caused rising levels of unemployment, poverty and disinvestment in specific areas of the planet despite the economic boom experienced overall. Though this has yet to present a serious problem to the government, there are worries that if the trend continues then it may have serious political ramifications. History Main article: History of the Evancyan Economy The Unification Period (1501-1611 Mt.) The immediate post-unification period of Evancyan history was a period of immense struggle for the Provisional Government as it struggled to unify the regions economically, politically and socially from centuries of war and strife. Initial efforts to unify the economy were focused around the mass nationalisation of key industries across the planet, most notably the banking sector which remains nationalised to this day. It was hoped that if the government controlled the key elements of the economy, it could more effectively intertwine them together and create a truly globalised economy. Though this mass nationalisation remains a point of controversy, it did give the government enormous control over the planet and its economy and as such put them in a good position to start tying it together. Following this mass nationalisation the Provisional Government began huge infrastructure projects globally to standardise and connect the various kinds of infrastructure which proved essential in globalising the economy. The reconstruction and connecting of all major cities through the Planetary Rail and Road Program played a key role in getting the unemployed back to work and significantly boosted reconstruction efforts. This program also served in and of itself to bring jobs to the estimated 50% unemployed at the time. Additionally the Planetary Reconstruction Authority, which was a government ministry that employed people to help rebuild the planet and its economy, employed vast numbers of people with a basic decent wage providing a much needed boost to the economy not only in its rebuilding efforts but also in massively expanding the market for the existing corporations and granting many people a much better wage than they had previously had. These efforts helped to kickstart what is known as the Reconstruction Miracle in which the Evancyan economy recovered rapidly, with unemployment falling to just 7% over 10 years. The final part of the Provisional Governments rebuilding project involved a colossal amount of military spending in order to strengthen the newly formed Imperial Evancyan Cosmonavy, Imperial Evancyan Ground Forces and the Imperial Evancyan Air Force. This spending was within accordance to the military necessities laid out in the Evancya Accords signed just prior to the unification. The first ships of the Cosmonavy, including the first Evancyan Ships-of-the-Line which would employ vast numbers of people both in the construction of these vessels and in the crewing of them and their support vessels. This military build up would eventually culminate into the First Orbital Campaign in the year 1603 (Mt.) as the new Evancyan military was put to the test and would successfully invade and conquer the nearby moons, bringing in much needed resources to the Evancyan economy. In 1610 the Provisional Government was formally dissolved by Emperor Edward I and the first elections were held. The Imperial Conservative Party under Walben Tasingstoke would win these elections and secure a 60% majority in the House of Representatives. Following the inauguration of the new government, then Chief of the Bank of Evancya Kasushiho Horoni announced the end of reconstruction and the beginning of the New Economic Progress Policy, the economic policy of all the Tasingstoke Administrations. Government Spending and Economic Management Sectors Currency Trade